NEW YORK — Federated Department Stores Inc. overcame a big obstacle Monday to its merger with R.H. Macy & Co., agreeing to sell six stores in the New York area to settle antitrust questions.
But the combined Macy-Federated will be without one of its top managers: Macy Chairman Myron E. Ullman III, scheduled to become deputy chairman of the merged company, said he will resign in January, after the deal is completed.
New York State Atty. Gen. G. Oliver Koppell had threatened a lawsuit to try to block the merger if Federated failed to divest itself of some stores in the New York area. Macy's branches compete with Bloomingdale's A&S and Stern's branches throughout the metropolitan New York area.
Under the preliminary agreement, Federated has two years to sell the six stores. Retailers including Sears, Roebuck & Co. and J.C. Penney Co. are believed to be interested in some of the stores.